Global Online Gambling Market Trends

Global Online Gambling Market Trends

Over the past decade, the size of global gambling market has significantly increased. This is pretty evident to anyone who gambles online. The number of available operators has increased, and many of these sites belong to foreign companies. This also means that new players might find it difficult to choose the best casino site.

Let’s get in to some factors that had a big impact on the global online gambling market size. We’ll also talk about market segmentations and the main trends in those segments. We at välismaa kasiinod closely follow the developments and changes in the iGaming sector, not just in Estonia, but worldwide. We aim to help players find reliable operators, but also inform them about the latest trends and advancements in the gaming industry. So, let’s go over some of these global trends.   

The Global Online Gambling Market Report

Let’s start by showcasing the growth of this market from 2021 to 2023. Back in 2021, the iGaming market was valued at 75.41 billion dollars. This is the combined revenue of sports betting and online casino games. However, this was also the time that followed massive lockdowns during the COVID-19 pandemic.  During the lockdowns, the total global gambling market surged, and everyone expected that the value would drop once the lockdowns ended.

Yet, here we are in 2023, and the market continues to grow. Current projections value the iGaming sector at nearly 88 billion dollars. What’s more, the projections put the annual growth rate at 9%, and if that’s true the market will exceed 124 billion dollars by the end of 2027. The current user acquisition rate is 2.3% and it is projected to reach 2.9% by 2027. So, let’s break down these numbers into different industry segments and see who is doing the heavy lifting. 

Market Segmentation

There are different types of iGaming content, and they don’t perform equally well. In the same vein, this form of entertainment is significantly more prolific in certain parts of the world compared to the others. 

Gambling Market by Game Type

According to rough estimates, here’s how much each game type contributes to the market growth.

  • Sports Betting – 60%
  • Casino Games – 30%
  • Other, Poker and Bingo – 10%

Most online gamblers are people who bet on sports, and there are a few reasons why this form of entertainment is the most dominant in the gaming market.

  1. There are many jurisdictions where this is the only legal form of gambling.
  2. New markets for e-sports betting have opened up. 
  3. Sports like football are popular worldwide and many teams have gambling companies as sponsors. As a result, betting is heavily advertised and many viewers are incentivized to place bets. 
  4. Mobile apps and fast payments have made betting more accessible.

Casino games include slots, baccarat, blackjack, video poker, craps, keno, etc. Slots are the most played games online, and they generate the majority of the revenue in this category.

Lottery, bingo, and online poker rooms are in a separate category, and they are often regulated separately.

Gambling Market by Location

In terms of regions, several geographies are pushing big numbers. Here is an overview in USD based on the date from 2021:

  • The United Kindom – 12.48 bn
  • The US – 10.96 bn
  • Australia – 6.55 bn
  • Italy – 4.51 bn
  • France – 3.83 bn
  • Germany – 3.65 bn
  • Canada – 2.55 bn
  • Sweden – 2.10 bn
  • Spain – 1.60 bn
  • Greece – 1.20 bn

Unsurprisingly the UK is in the lead. They have legalized all forms of online gambling during the early 2000s. In the US, only a handful of states allow online casinos, and their main source of revenue is online sports betting and fantasy sports. 

Factors Driving Market Growth of Online Gambling

Factors Driving Market Growth

Let’s examine the factors and trends that made the rapid expansion of this industry possible. 

Change in Infrastructure

Nowadays we have access to better server technology and an internet connection that can support higher traffic. This has allowed for the creation of higher-quality games, and it has allowed operators to manage larger user bases. It is one of the reasons why live dealer games can work smoothly, compared to the early 2000s.  

Mobile Users

There are significantly more smartphone owners now that can easily browse the web. Phone companies provide users with a 4G internet connection, and there is free Wi-Fi available in urban areas. In other words, it’s significantly easier to access online casinos now. 

More Markets

After the COVID-19 pandemic, the iGaming sector has demonstrated incredible resilience and rapid growth. Countries all over the world have seen the economic potential of this branch and decided to speed up the legalization process. Of course, new markets were opening up even before the pandemic, which accounts for the growing number of users. 

Company Mergers

Many smaller and mid-size companies were acquired by the industry giants. A recent example would be DraftKings acquiring Golden Nugget which granted them access to their userbase, and tech. Given their capital, network, and experience in the industry, it’s easier for bigger companies to manage online casinos and sportsbooks, and to advertise them. So, even if many operators are heavily advertised nowadays, the majority of them belong to bigger companies. 

Innovation

Online gambling sites are keeping up with trends in tech. We have seen a big increase in platforms that allow players to use blockchain payments. Giving more utility to crypto boosts the popularity of online casinos. VR and Meta casinos are also becoming a thing. Many players eagerly await to see the evolution of metaverse gambling.

Innovation in online gambling

Related Stories
Analyse Odds for Betting on Krikya
How to Properly Analyse Odds for Betting on Krikya
Krikya Casino is popular among Bengalis. It features over 25 sports, including cricket, soccer, and
A variety of games are offered at online casinos
Common Online Casino Myths And Misconceptions Debunked
Let's separate fact from fiction by debunking some common myths about online casino gaming.
King Johnnie - Top Online Gambling Website
King Johnnie – Top Online Gambling Website
Uncover the most important casino facts, mobile gaming insights, and King Johnnie Casino bonus terms.
Two people gamng at home
How Do You Stop Tilting in Games?
Sooner or later, every gamer will experience being tilted, whether it is a friendly match